Reserve Bank seeks buyer for NZClear

Release date
02 June 2015

The Reserve Bank today invited organisations to submit Expressions of Interest to acquire the NZClear security settlement and depository business.

"The NZClear system, the technology behind a key piece of New Zealand's financial infrastructure, requires significant investment or replacement. A strategic review in 2014 of the Reserve Bank's payment and settlement systems concluded that securities settlement is not the Bank's core business. The Reserve Bank is keen to see if another specialist operator can provide securities settlement and depository services that meet both the Bank's requirements and those that the market has become accustomed to," said Reserve Bank Deputy Governor and Head of Operations Geoff Bascand.

"The Reserve Bank has owned and operated NZClear for 25 years since it led the innovation to move from manual processes to electronic services. We believe that market solutions are now available and that they offer potential for further development and innovation.

"NZClear members are important stakeholders, so we intend to provide regular briefings as this process evolves. The Bank is committed to ensuring that the needs of the NZClear customers are met and that high services standards are maintained."

"While the Bank has a preference to see a new provider of NZClear services, we have been exploring system replacement solutions, in the event we are unable to find a suitable alternative provider," Mr Bascand said.

"Our earlier Request for Information for Payment and Settlement Systems confirmed our view that a range of systems are available that would potentially meet the Bank's requirement, if needed," he said.

Interested parties are asked to express their interest by 23 June 2015. Documentation is available via the Government Electronic Tenders Service (GETS).

Media contact:
Angus Barclay, External Communications Advisor
+64 4 471 3698 or +64 27 337 1102
[email protected]